According to the company’s stock filing on 28 April revenues fell 9% compared to last year to USD 1.253 billion during the first quarter due to scrapping of old tonnage in 2014.
Operating cost fell 15% year-on-year to USD 1.157 billion due to lower bunker cost. Excluding one-off items, the company returned to the black with a profit of USD 39 million.
The fall in bunker cost since late 2014, the company’s optimisation of fleet structure, and improvement in its shipping route networks, have also contributed to help CSCL to return to the black last year.
In addition, the company also allocated around USD 146.28 million in proceeds by disposals of its non-core business and terminal operating subsidiary in the same year.